Bitcoin and Ripple: Similarities & Differences

These days, cryptocurrencies have become the booming trend on the internet. The digital currencies utilize cryptography in order to create decentralized, distributed, and secured information economy. The main purpose of cryptocurrencies is online trading in between two users without any intervention of bank and government. If you are new to the cryptocurrencies and fascinated from all of them and planning to invest in them, then it is advisable to invest in most sought-after cryptocurrencies, such as Bitcoin and Ripple. For this, first you need to first understand the similarities and differences among them. At present, people are more investing in cloud Bitcoin mining as Bitcoin is the most renowned cryptocurrency. However, to make you informed about the differences and similarities, here is a blog post. Have a look.

Similarities –
• Ripple and Bitcoin, both cryptocurrencies are focused on decentralization concept and do not have any control of central authority as of now.

• Both the currencies have similar cash out procedure that is reliable relationships. For instance, in case you want to convert your Ripples or Bitcoins to US Dollars, then you do it through gateway.

• The code of Ripple and Bitcoin is open-source. Even Ripple does not has released the code of its currency yet.

• Bitcoin and Ripple works as per the algorithmic principles. For example, if a person has confirmed X transaction on the network of Ripple of Bitcoin, each entity of network will accept the X transaction.

• Today, cloud Bitcoin mining and cloud Ripple mining are the best ways to invest in this multi-Billion Dollar industry. Numerous cloud mining service providers, such as Hashgains provides the best cryptocurrency mining platform that mines all altcoins in the simple way.

• Ripple and Bitcoin, both cryptocurrencies allows anonymous and free transactions.

Differences –
• Ripple means transaction network that is decentralized, however Bitcoin refer to currency.

• Ripples is not only a cryptocurrency in true essence and when talking about Bitcoins that are created through mining protocol.

• Nowadays, Ripples are the fastest currency owing to its use of consensus process. Bitcoin mining protocol makes it a bit slow currency.

• The network of Bitcoin is just for currency; however this in Ripple the scenario is totally different. Ripple can easily track any of the cryptocurrency, such as Bitcoin and XRP.

• As Ripple is a network in itself, people can sell Bitcoin or XRP within the network to US Dollars. No need to involve any third party in the transaction. Unlike Ripple, Bitcoin requires a third party on the network. Due to which Mt.Gox faced a loss of $480 Million few time back.

• With the time, Bitcoins are increasing; however Ripples have a fixed number and that is 100 Billion. Therefore, it clearly means that only 100 Billion XRP exists.

• In order to mine or earn Bitcoins, a person have to choose a mining method. Mining hardware, software, mining pool, and cloud mining are some of the methods that helps in mining cryptocurrencies.

• In order to earn Bitcoins, choosing a best cloud mining Bitcoin platform is an ideal option. On the contrary, Ripple is predicted to have a great future.

• Through automated scripts use, Ripple crowdfunding is possible. For instance, a Ripple script can look like “the target for an account X is $200 and if it does not reach that goal by September 30, all the money received by this account will go back to its original owners.”

The above-listed similarities and differences in Ripple and Bitcoin are something that you should know before investing in these digital currencies. For a little more help, here is an information regarding their performance so that you can invest in them accordingly.

Market Performance of Ripple and Bitcoin
Since the day of creation, Bitcoin has witnessed many problems, even after that currency is on the rise. And for Ripple, the good time has just started. This cryptocurrency has reached to the highest value in the month of May. In recent weeks, the XRP value has started to decrease.

However, from the past few years, Bitcoin is performing pretty well and seen a value rise of over 40%. During the same time, XRP value is constantly changing and have seen considerable climbs.

As per the experts, Ripple will remain a lucrative cryptocurrency in the market owing to its fast transactions feature. Even, this feature of XRP is not good for Bitcoin as its original code exists even today and owing to its increased demand and customers, this cryptocurrency is not scaled properly. Transaction processing time is the biggest challenge for Bitcoin.

In a nutshell, both cryptocurrencies are profitable and have a bright future. So, you can invest in cloud Bitcoin mining and cloud Ripple mining at Hashgains, one of the leading cryptocurrency cloud mining providers and become a member of the cryptocurrency community.

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